The housing market is the biggest problem facing the Dutch economy, a member of the European central bank’s board says in an interview with Monday’s Financieele Dagblad.

‘I understand things are being done about it. But solving housing market problems takes years,’ Jörg Asmussen told the paper.

In order to get the European economy moving again, banks must improve their loan provision. But in the Netherlands, mortgages are putting enormous pressure on the banks financial positions, Asmussen said.